Singapore banks have 'good propositions' for Myanmar: Lee Hsien Loong

Singapore Prime Minister Lee Hsien Loong (C) arrives at a welcome dinner as part of the 24th Asean summit at the Myanmar International Convention Center in Naypyidaw on May 10, 2014. Surging tensions in the South China Sea dominated a meeting of Southeast Asia's regional bloc, presenting a challenging diplomatic debut for Myanmar as it hosts the talks for the first time. -- PHOTO: AFP

AS MYANMAR continues its reforms and develops its financial sector, it should consider the benefits of letting Singapore banks operate there, said Singapore Prime Minister Lee Hsien Loong.

Singapore banks will have "good propositions" to offer, he told reporters after the 24th Asean summit and a bilateral meeting with Myanmar President Thein Sein. "Myanmar is going to be developing their financial sector, and they will have to continue issuing licences to foreign banks... The Singapore banks will be in the queue. And we hope they will be considered seriously."

Mr Lee also hopes Singapore's investments in and trade with Myanmar will grow over time, and that the two countries can continue to work together.

With foreign investor interest growing since Myanmar opened up, Singapore has signed a memorandum to run a vocational training institute to help build up for its economic zones a pool of skilled workers, which it needs in "huge numbers", Mr Lee said.

Background story


We are midway through the term (of government). We have done a lot of work in the first half of the term. We are setting out the agenda for the second half of the term, and the President will set this out, the main pieces of it.

I had set... some of the directions in the National Day Rally last year, so that is the starting point on which the President's speech will build upon.

- Prime Minister Lee Hsien Loong on what to expect from the reopening of Parliament this Friday

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